The day after the WTC towers were hit by terrorists,and all air traffic nationwide was grounded except for military, I watched a "sky taxi"(Delta Airlines) fly overhead which departed from Newark Airport at 12:15pm.Curious as to what this airliner was doing in the sky, I called a friend who works at Newark Airport and obtained the "sky taxi" information. This event triggered my curiosity as to seeing if I could spot any other aircraft overhead as time working in the yard passed by. At approximately 2:15pm I noticed a shimmering object in the sky and instinctively went for my binoculars thinking I would see another airliner. What I focused in on was not in my opinion an airliner. It changed shape and color,and disappeared/reappeared frequently.I have no idea what its altitude was,but it was close enough to distinguish shapes and colors in the binoculars.For approx. 15 min it did not change in size or position, so it was obviously stationary.It changed from glowing metallic to a blood red fireball every 2-3 seconds, then disappeared and reappeared in its same position every 5-10 seconds.When it changed to the fireball, it seemed to look as if the fireball was surrounded by a black ring.(I know it sounds like an afterburner from an f-15 but jet fighters move quickly and this stayed in place for 15 min. with no change in size or position.)No audible sound was heard. In the process of setting up a telescope to get a closer look, I asked my wife if she would keep an eye on it but it disappeared before I could get a focus on it with the telescope. My connection at Newark Airport informed me there were no other flights in the area at that time. If anyone else saw a similar event at or near this time, please post it. I know I'm not the only one who has been looking up since 9/11/01.